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The Market Intelligence Audit - Introduction

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Introduction to a Market Intelligence Audit.

Introduction to a Market Intelligence Audit.

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  • 1. M O RAWS K I Market intelligence & Brand coaching The Market Intelligence Audit An introduction
  • 2. Contents 1. The subject of the audit: Market Intelligence 2. Objective of the market intelligence audit 3. Methodology 4. Techniques used 5. Auditor qualifications 6. Benefits Market Intelligence Audit © 2011 John Morawski Market intelligence & Brand coaching
  • 3. 1. The subject of the audit: Market Intelligence Marketing Intelligence … • is the discipline that aims to manage (identify, capture, process, communicate and stimulate optimal use) relevant market information/insights in order to support internal stakeholders • needs in order to manage properly  professional and experienced people with managerial, organizational, analytical and communicational skills  data and field resources (secondary and primary research, information providers, research agencies)  technology and the platforms to capture, process, distribute and store the information/insights  the support of, and access to top management • can cover relevant market information/insights of the actual status and future trends of  the market:  consumer/customer (needs, motivations, perceptions, behavior, socio-demo’s, segmentation, satisfaction, loyalty, recommendation/advocacy, …)  brands (brand funnel, image, communication, market share volume/price, strategy, …)  products/services (benefits, volume, price, promotion, packaging, NPD, …)  channels (own sales, direct sales partners, integrators, distributors, emerging channels)  competitors (consumer/customer, brands/products/services/channels, strategy, organization, capabilities, investments, stock reports, …)  new markets (emerging markets, potential, …)  the relevant macro environment (economic, political, demographic, social, cultural, legislation, technological, …) • supports internal stakeholders: marketing, communication, PR, business intelligence, sales and account management, CRM, finance, strategy, business development, board, executives, R&D, … Market Intelligence Audit © 2011 John Morawski Market intelligence & Brand coaching
  • 4. 2. Objective of the market intelligence audit The main aim of the market intelligence audit is • • • • a systematic and independent examination of the quality of collection and use of information and insights in order to manage market information resources effectively so that marketing and organizational objectives are met The purpose of the auditing is to • diagnose: discover, check, verify and control  identification of users’ information needs (need to knows and not nice to knows) as well as how well these needs are met by the providers (internal and external) • improve: give advice for optimization of information and knowledge management Market Intelligence Audit © 2011 John Morawski Market intelligence & Brand coaching
  • 5. 3. Methodology PHASE WHAT HOW Promote Obtain support from management and co-operation from staff Communication to all stakeholders of the objectives, methodology, procedures - Auditor - CEO/CMO Define Familiarize with the environment within which the market intelligence audit is going to be performed Review of corporate/marketing/market intelligence objectives - Auditor Plan Proper and detailed planning of the scope, contacts, agenda, practices, resources, documentation to be reviewed, activities and timelines - Submitting a proposal to management Designing of questionnaires - Identification of interviewees - Approval by management - Auditor - CEO/CMO Assessment of the actual market intelligence activities and identification of information needs - Current state and quality of information resources, use, flows and management - Information needs assessment - Desk study, Interviews, check lists, self completion questionnaires - Analyze the findings - Value and relevancy of current state and quality, and relation with the needs - SWOT, KPI’s - Collect Analyze WHO - - - Auditor All internal stakeholders Auditor Internal stakeholders Report Consolidate the collected data and the analysis of these data into a final report with a strategic intelligence blueprint - Written report - Oral presentation - Auditor Follow up Implement monitoring mechanisms - Proposals of procedures that can be used to monitor future market intelligence activities - Implementation - Market Intelligence Audit - Auditor CEO/CMO © 2011 John Morawski Market intelligence & Brand coaching
  • 6. 4. Techniques used • Desk study • Check lists • Interviews • Focus groups • Self-administered questionnaires • SWOT analysis Market Intelligence Audit © 2011 John Morawski Market intelligence & Brand coaching
  • 7. 5. Auditor qualifications A good market intelligence auditor … • has     a broad and in-depth experience in market intelligence an inquiring mind a natural affinity and passion for problem solving excellent organizational, communicational and people skills • must be  methodical, logical and punctual in his work  objective both in formulating his opinions and in expressing them without bias • is able to  build trust  listen and observe  show sensitivity  probe matters to the bottom  see the big picture  synthesize • is independent, flexible without loosing focus, tenacious, knowledgeable, concise, analytical, approachable, diplomatic, integer, logical , tactful, … Market Intelligence Audit © 2011 John Morawski Market intelligence & Brand coaching
  • 8. 6. Benefits of a market intelligence audit • Unbiased recommendations from an independent expert • Evaluates actual market intelligence activities • Benchmarks actual market intelligence performance • Helps clarifying needs • Triggers key areas for improvement • Improves ROI - Better allocation of resources (people and budget) • Stimulates interaction between stakeholders • Frees the organization from politics, blame-game and excuses for weak performance, reinforcing a culture of professionalism • Lends/Reinforces credibility of the MI department Market Intelligence Audit © 2011 John Morawski Market intelligence & Brand coaching
  • 9. John Morawski Market intelligence & Brand coaching Rogery 55 6671 Bovigny Belgium GSM +32 (0)477 62 18 75 E-mail: john.morawski@skynet.be Blog of John Morawski “It is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail” (“The psychology of science: a reconnaissance.”, Henry Regnery, Chicago, 1966.) Market Intelligence Audit © 2011 John Morawski Market intelligence & Brand coaching